Regulatory Bulletin 4.1-102 Investment in Foreign Government Bonds was repealed March 29, 2013. Massachusetts General Laws chapter 171, section 67(s) expressly authorizes credit unions to invest in "...bonds of governments or countries friendly to the United States as defined by the United States Department of State." The Division has determined that the United States Department of State (State Department) does not formally designate or identify governments or countries as "friendly" to the United States. However, the State Department does identify governments or countries which have diplomatic relations with the United States. For a list of these countries, refer to the Fact Sheet entitled "Independent States in the World."